TEMENOS moves into front office market with launch of TEMENOS ARC
TEMENOS Group, a provider of integrated core banking systems, has made a move into the front-office software market with the launch of TEMENOS ARC.
Particularly suited to retail, universal and private banking, ARC will provide banks with strong cross-channel selling capabilities and the ability to increase customer retention and revenues through improved customer service and intimacy. With modules for operational and analytical customer relationship management (CRM), process workflow and channel banking, ARC can operate as a stand alone product or as a fully integrated application with TEMENOS T24, the company's modular core banking system.
ARC (Acquire, Retain and Cross-sell) provides a uniform customer and user experience and avoids the pitfalls of multi-package front office offerings. Often, banks are prevented from maximising customer revenues by fragmented systems that don't fully integrate with their existing back office infrastructure. ARC is a fully integrated, single-package product and, unlike custom-created solutions, offers long-term viability with an easy upgrade path.
'We already provide robust and scalable products that process a full range of activities presented in a single customer view, so it was an obvious choice for us to build upon this rich heritage and provide the same level of service and support in the front office,' says Mark Gunning, group strategy director, TEMENOS. 'As with our existing products, ARC is built on a single, component architecture where all the components are designed from the ground up to work together. We believe that the front office market is significant, and is growing at an even faster rate than our traditional back office market. This tight integration lends to new and innovative ways to manage the customer experience in the controlled and efficient environment provided by a true packaged and component-based approach.'
With a single aggregated environment, clients can display all account and transactional information and initiate, track and route all service requests. Coupled with the analytical CRM module, the system can target each customer segment with products to match their specific requirements. And through its channel module, ARC can support the bank in servicing its customers across all channels.
The process workflow module allows banks to automate complex banking processes such as opening a client relationship or processing a loan application, eliminating the lengthy procedures associated with manual practices. In addition, ARC delivers a set of scalable generic service modules to enable banks to create and deliver their own best practice policies and procedures.
'The banks' primary concern today relates to growth and how that can be achieved through leveraging their customer relationships,' says Andreas Andreades, CEO, TEMENOS. 'For the average retail bank, this track record is today poor, with little more than one product sold per customer. The successful banks of the future will be those that solve this issue with an architecturally sound and coherent IT infrastructure. We're now in a position to revolutionise the front office of banks across multiple channels and their ability to manage their clients in the same way that we revolutionised the back office over the last decade. Our solution is specifically developed for the banking industry and, with the knowledge derived from our relationships with more than 500 banking clients, puts us in the best position to bring superior ROI for our clients.'
TEMENOS will use a phased approach for the launch of ARC throughout 2006, with the majority of the components available for beta clients and new implementations during 2006, and general availability scheduled for Q1 2007.
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